Mount Prospect trustees to discuss Randhurst, Block 56

The Mount Prospect village board will discuss two pressing development issues, Randhurst Village and Block 56, at its meeting Tuesday.

DLC Management, owner of Randhurst Village, is seeking to subdivide the property into multiple lots.

DLC intends to sell 15 outlots to raise capital to fund improvements in the center and attract new tenants.

Also, the village is on the verge of hiring SB Friedman Development Advisors to review redevelopment proposals for Block 56. Friedman has been the village's tax increment financing and real estate development consultant since 2016.

The village received three responses from developers to a request for proposals. About 30 requests were sent out.

Mayor Paul Hoefert said of the Randhurst proposal, "If they are successful and are able to sell some of the parcels, those funds need to come back to Randhurst proper to be used to improve the center."

However, he said, "One of my concerns would be that they would take those funds and deploy them in other places."

Hoefert said there could be a stipulation that the proceeds from the sale come back to Randhurst and go into an escrow fund.

Another issue would be the fact that each lot could have a different individual owner.

But, he said, "There would be an overarching agreement between all the owners that talks about what the new owner can do with the property and how it is to look and function relative to the entire center."

As for Block 56, which includes the old police and fire headquarters property, Hoefert said, "I would have liked to have seen a couple more (responses to the RFP)," adding, "We don't have to accept any of them, but we'll at some point discuss them and see if the board has an appetite to move forward with any of them."

Friedman's role would be to judge requests from developers for funding.

"We don't just accept the numbers as given to us by the developers," he said. Friedman would provide "a reasonability check."